Privatbank begins selling a portfolio of bad loans worth UAH 500 million. The portfolio will include more than 60 thousand consumer loans recognized as bad and written off using created reserves. This was reported by the press service of the state bank.
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Loans of military personnel and residents of occupied territories or those where active hostilities are ongoing.
“Reducing the costs of the state-owned PrivatBank for servicing bad loans today works for the state budget and the whole of Ukraine, since the bank’s costs for further support of the portfolio offered for sale, taking into account legal fees, exceed the expected price sales,” notes Larisa Chernysheva, Deputy Chairman of the Board of Privatbank for Risk Management.
We are talking exclusively about loans classified as “bad”. That is, at one time the bank offered restructuring programs to these clients, carried out work to repay the debt, using all tools, including forced collection.
The rights of claim for such a portfolio will be offered on the platform of the electronic trading system of the Ministry of Justice OpenMarket of the State Enterprise “SETAM” ”and will only include the body of the loan and accrued interest. The sale of debt will be carried out through open and transparent bidding through a step-by-step reduction in the initial (starting) price.
